Skip Header

Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank



Home > About FDIC > Financial Reports > 2004 Annual Report Highlights




2004 Annual Report Highlights

Previous | Contents | Next

I. Management’s Discussion and Analysis - The Year in Review

Effective Management of Strategic Resources
The FDIC must effectively manage and utilize a number of critical strategic resources in order to carry out its mission successfully, particularly its human, financial, and information technology (IT) resources. Major accomplishments in improving the Corporation's operational efficiency and effectiveness are outlined below. Although the FDIC is not subject to the President's Management Agenda, many of these efforts are consistent with that agenda.

Human Capital Management
The FDIC’s employees are its most important strategic resource. For that reason, it seeks to continue to be the employer of choice within the financial regulatory community and to operate a human resources program that attracts, develops, evaluates, rewards and retains a high quality, results-oriented workforce. During 2004, the Corporation undertook a comprehensive analysis of its future staffing needs and formulated a human capital strategy to guide the FDIC through the rest of this decade. This strategy is based upon the implementation of a new Corporate Employee Program that will become the foundation for the establishment of a more adaptable permanent workforce that reflects a more collaborative and corporate approach to meeting critical mission functions.

Reducing Costs and Improving Financial Management
The FDIC’s operating expenses are largely paid from the insurance funds, and the Corporation continuously seeks to improve its operational efficiency in fulfillment of its fiduciary responsibilities to the funds. To that end, the Corporation engages annually in a rigorous planning and budgeting process to ensure that budgeted resources are properly aligned with workload. That is particularly true with respect to staffing, since personnel costs constitute well over 60 percent of the Corporation’s annual administrative expenses. In late 2004, the FDIC Board of Directors approved management recommendations to reduce authorized staffing by 674 positions to 4,750 by year-end 2005.

Improving the FDIC’s Use of Information Technology
The Corporation established a new Chief Information Office (CIO) Council in February 2004. The overall mission of the Council is to serve as an executive-level advisory group to the CIO, and to help shape Corporate IT strategy and activities. Establishing the CIO Council is part of a multi-pronged approach to re-engineering the Corporation’s IT program.

The FDIC also greatly expanded its use of its e-government portal, FDICconnect (a secure Web site that allows FDIC-insured institutions to conduct business and exchange information with the FDIC, other federal regulatory agencies and various state banking departments), in 2004. FDICconnect will enable the FDIC to comply with the Government Paperwork Elimination Act of 1998 (GPEA) and address Presidential guidelines that direct government agencies to establish electronic alternatives to current paper processes where feasible. Nearly 44 percent of FDIC-insured institutions have registered to use FDICconnect.

 



Last Updated 06/10/2005 communications@fdic.gov

Skip Footer back to content